Getaround, Inc: debt financing — Getaround amends super priority note with Mudrick to $18.6M at 15% interest, adds $3M capital

Getaround, Inc

Amended note principal $18,635,500 (up from $15,040,685); includes $594,815 accrued interest and $3M new capital.
Interest rate 15% per annum, increases 2% upon default; maturity August 7, 2024, with 108% of principal plus interest due.
Company may request up to $17M additional under the note; mandatory prepayment from equity or asset sale proceeds.
Mudrick also holds convertible notes due 2027; new note ranks senior to all other indebtedness.
NYSE filed to delist warrants (GETR WS) on Dec 13, 2023 due to low price; effective Dec 26, 2023.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Getaround, Inc amended loan of increased aggregate principal amount of $18,635,500 with Mudrick Capital Management L.P. on behalf of certain funds, investors, entities or accounts that are managed, sponsored or advised by Mudrick Capital Management L.P. or its affiliates at 15.00% per annum maturing August 7, 2024.

Instrument: loan
Principal: increased aggregate principal amount of $18,635,500
Counterparty: Mudrick Capital Management L.P. on behalf of certain funds, investors, entities or accounts that are managed, sponsored or advised by Mudrick Capital Management L.P. or its affiliates
Rate: 15.00% per annum
Maturity: August 7, 2024
Event: amendment

Exact text from the filing

On December 11, 2023 the Company and Mudrick Capital Management L.P. on behalf of certain funds, investors, entities or accounts that are managed, sponsored or advised by Mudrick Capital Management L.P. or its affiliates (the “Purchaser”) amended and restated the super priority note in an aggregate amount of $15,040,685 entered into by such parties on September 8, 2023 (the "Note") to reflect an increased aggregate principal amount of $18,635,500

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Getaround, Inc amended Amended and Restated Note with Mudrick Capital Management L.P. on behalf of certain funds, investors, entities or accounts that are managed, sponsored or advised by Mudrick Capital Management L.P. or its affiliates (the Purchaser) valued at $18,635,500 (effective 2023-12-11).

Action: amendment
Agreement: notes offering
Counterparty: Mudrick Capital Management L.P. on behalf of certain funds, investors, entities or accounts that are managed, sponsored or advised by Mudrick Capital Management L.P. or its affiliates (the Purchaser)
Value: $18,635,500
Effective: 2023-12-11

Exact text from the filing

On December 11, 2023 the Company and Mudrick Capital Management L.P. on behalf of certain funds, investors, entities or accounts that are managed, sponsored or advised by Mudrick Capital Management L.P. or its affiliates (the “Purchaser”) amended and restated the super priority note in an aggregate amount of $15,040,685 entered into by such parties on September 8, 2023 (the "Note") to reflect an increased aggregate principal amount of $18,635,500

View on SEC.gov

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Source: SEC EDGAR

accession 0000950170-23-070209

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